MAGNUM HUNTER RESOURCES CORP - FORM 10-Q - EX-12.1 - EXHIBIT - August 8, 2014

Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - MAGNUM HUNTER RESOURCES CORPFinancial_Report.xls
EX-32 - EXHIBIT - MAGNUM HUNTER RESOURCES CORPmhr-2014630xex32.htm
EX-31.1 - EXHIBIT - MAGNUM HUNTER RESOURCES CORPmhr-2014630xex311.htm
10-Q - 10-Q - MAGNUM HUNTER RESOURCES CORPmhr-20140630x10xq.htm
EX-31.2 - EXHIBIT - MAGNUM HUNTER RESOURCES CORPmhr-2014630xex312.htm
Exhibit 12.1

 
 
For the Six Months Ended June 30, 2014
 
Years Ended December 31,
 
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
(in thousands)
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest Charges
46,777

 
$
76,016

 
$
56,796

 
$
12,388

 
$
3,995

 
$
2,801

 
Series A Convertible Preferred Units of Eureka Hunter Holdings, LLC, cumulative distribution rate of 8.0%
8,281

 
14,323

 
8,090

 
—

 
—

 
—

 
Total Fixed Charges
$
55,058

 
$
90,339

 
$
64,886

 
$
12,388

 
$
3,995

 
$
2,801

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss Before Taxes and Non-controlling Interest
$
(102,005
)
 
$
(274,349
)
 
$
(138,968
)
 
$
(59,676
)
 
$
(22,812
)
 
$
(15,633
)
 
Fixed Charges (Calculated Above)
55,058

 
90,339

 
64,886

 
12,388

 
3,995

 
2,801

 
Less: Capitalized Interest
(743
)
 
(2,396
)
 
(4,240
)
 
—

 
—

 
—

 
Less: Series A Convertible Preferred Units of Eureka Hunter Holdings, LLC, cumulative distribution rate of 8.0%
(8,281
)
 
(14,323
)
 
(8,090
)
 
—

 
—

 
—

 
Earnings
$
(55,971
)
 
$
(200,729
)
 
$
(86,412
)
 
$
(47,288
)
 
$
(18,817
)
 
$
(12,832
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount by which earnings are insufficient to cover fixed charges
$
111,029

 
$
291,068

 
$
151,298

 
$
59,676

 
$
22,812

 
$
15,633

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (1)
—

(2) 
—

(3) 
—

(4) 
—

(5) 
—

(6) 
—

(7) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series B Convertible Preferred Stock, cumulative, dividend rate 2.75%
$
—

 
$
—

 
$
—

 
$
—

 
$
131

 
$
—

 
Series C Cumulative Perpetual Preferred Stock, cumulative dividend rate 10.25%
5,124

 
10,248

 
10,248

 
10,248

 
2,336

 
26

 
Series D Cumulative Preferred Stock, cumulative dividend rate 8.0%
8,849

 
17,655

 
11,699

 
3,759

 
—

 
—

 
Series E preferred stock, cumulative dividend rate 8.0%
3,695

 
7,561

 
894

 
—

 
—

 
—

 
 
Pre-tax earnings required to cover preferred stock dividends*
$
17,668

 
$
35,464

 
$
22,841

 
$
14,007

 
$
2,467

 
$
26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount by which earnings are insufficient to cover fixed charges and preferred stock dividends
$
128,697

 
$
326,532

 
$
174,139

 
$
73,683

 
$
25,279

 
$
15,659

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges with Preferred Dividends (1)
—

(8) 
—

(9) 
—

(10) 
—

(11) 
—

(12) 
—

(13) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
For purposes of determining the ratio of earnings to fixed charges, earnings are defined as income from continuing operations before income taxes and non-controlling interest, plus fixed charges and amortization of capitalized interest, less capitalized interest. Fixed charges consist of interest incurred (whether expensed or capitalized), amortization of deferred financing costs and an estimate of the interest within rental expense. All reported periods of the calculation of the ratio of earnings to fixed charges exclude discontinued operations.
(2) 
Earnings were insufficient to cover fixed charges for the six months ended June 30, 2014 by $111.0 million.
(3) 
Earnings were insufficient to cover fixed charges for the year ended December 31, 2013 by $291.1 million.
(4) 
Earnings were insufficient to cover fixed charges for the year ended December 31, 2012 by $151.3 million.
(5) 
Earnings were insufficient to cover fixed charges for the year ended December 31, 2011 by $59.7 million.
(6) 
Earnings were insufficient to cover fixed charges for the year ended December 31, 2010 by $22.8 million.
(7) 
Earnings were insufficient to cover fixed charges for the year ended December 31, 2009 by $15.6 million.
(8) 
Earnings were insufficient to cover fixed charges and preferred stock dividends for the six months ended June 30, 2014 by $128.7 million.


Exhibit 12.1

(9) 
Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2013 by $326.5 million.
(10) 
Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2012 by $174.1 million.
(11) 
Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2011 by $73.7 million.
(12) 
Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2010 by $25.3 million.
(13) 
Earnings were insufficient to cover fixed charges and preferred stock dividends for the year ended December 31, 2009 by $15.7 million.
*
Preferred dividends are not grossed up by taxes as the Company reported losses from continuing operations for the periods presented.



MAGNUM HUNTER RESOURCES CORP Reports